Laser Power Q1 FY27 Results (NSE: LASERPOWER)
Signal: Steady quarter
The read
The operating trajectory improved beneath the headline PAT decline: revenue rose 14.8% YoY and EBITDA rose 23.6% with margin up 97bps to 13.8%, led by EPC, while PAT was depressed by the ₹3278.66 lakh prior-year exceptional gain and current other income equal to 22.3% of PBT; the next test is whether EPC-led margin improvement persists without non-operating support.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹521.55 Cr | +14.8% | -22.6% |
| EBIT | ₹64.34 Cr | +24.2% | |
| Net profit | ₹20.73 Cr | -58.1% | |
| EPS | ₹1.8 | -58.1% | |
| EBIT margin | 13.8% |
P&L walk
Revenue increased to ₹52154.72 lakh, +14.8% YoY, with EPC revenue up 67.9%; EBITDA rose 23.6% to ₹7208.58 lakh and margin expanded to 13.8%, but PAT fell 58.1% to ₹2073.24 lakh because the year-ago quarter included a ₹3278.66 lakh exceptional gain and current other income represented 22.3% of PBT.
Segments
EPC is the momentum engine: revenue rose 67.9% YoY to ₹21881.06 lakh and segment result rose 162.2% to ₹2762.75 lakh, while manufacturing revenue fell 2.8% and manufacturing result fell 7.1%; the subsidiary dragged consolidated PAT by ₹40.23 lakh despite contributing no revenue.
Key positives
- EPC revenue increased 67.9% YoY to ₹21881.06 lakh and EPC segment result increased 162.2% to ₹2762.75 lakh, making it the clear growth and profit driver.
- Consolidated EBITDA rose 23.6% YoY to ₹7208.58 lakh versus revenue growth of 14.8%, lifting EBITDA margin by 97bps to 13.8%.
- Consolidated segment assets increased 26.2% YoY to ₹289469.23 lakh while depreciation increased 18.3% to ₹774.19 lakh, a clean asset-base cross-check.
Key concerns
- Manufacturing revenue declined 2.8% YoY to ₹38240.43 lakh and manufacturing segment result declined 7.1% to ₹3985.71 lakh, indicating that growth is concentrated in EPC rather than broad-based.
- Finance costs increased 22.3% YoY to ₹3617.54 lakh, faster than revenue growth of 14.8%, limiting operating-profit conversion.
- Consolidated revenue fell 22.6% QoQ to ₹52154.72 lakh and consolidated PAT fell 42.4% QoQ to ₹2073.24 lakh, so sequential momentum remains uneven.
Earnings quality: includes non-operating other income
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